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$TTD Q3 2020 Notes...
"Our role is to help our customers with their economic recovery."
"Our land grab in Q3 is our biggest bull indicator moving forward."
Jeff Green
"Our land grab in Q3 is our biggest bull indicator moving forward."
Jeff Green
CTV grew more than 100% Y-O-Y.
"Advertisers are more deliberate with their Ad spend.
Advertisers are being asked to do more with less.
They're looking for opportunities that are measurable and comparable."
Jeff Green
Advertisers are being asked to do more with less.
They're looking for opportunities that are measurable and comparable."
Jeff Green
Agility is key for the future of advertising today.
Creating content has gone from Months to Days.
Must be nimble, measurable and comparable.
Creating content has gone from Months to Days.
Must be nimble, measurable and comparable.
Connected TV grew over 100% from Q3 2019 to Q3 2020
As advertisers follow consumer behavior.
Cord cutting rate has essentially doubled this year.
CNBC expects a 40% decline in cable subscribers in 5 years.
As advertisers follow consumer behavior.
Cord cutting rate has essentially doubled this year.
CNBC expects a 40% decline in cable subscribers in 5 years.
P&G will not go to the Upfronts anymore.
Programmatic is now their fastest growing advertising channel.
Unilever and other brands are following this trend.
Covid accelerated this disruption.
Programmatic is now their fastest growing advertising channel.
Unilever and other brands are following this trend.
Covid accelerated this disruption.
CTV is helping reinforce advertiser conviction that their is an alternative to walled gardens ( $FB and $GOOG).
UGC is divisive and harms the brand.
90% of advertisers are migrating their spend from UGC to AVOD.
UGC is divisive and harms the brand.
90% of advertisers are migrating their spend from UGC to AVOD.
Massive surge on the supply side of CTV.
NBC said the TV model has "changed permanently".
Same thing is heard from other broadcasters.
$TTD has invested heavily for this over many years.
They have access to all CTV inventory.
NBC said the TV model has "changed permanently".
Same thing is heard from other broadcasters.
$TTD has invested heavily for this over many years.
They have access to all CTV inventory.
"Broadcast TV is a ticking time bomb"
Jeff Green
Jeff Green
International Markets that are further along their COVID recovery are accelerating spend.
"Tokyo and Paris have increased their spend 100% YOY"
"Tokyo and Paris have increased their spend 100% YOY"
"The market will not allow Google to own [digital advertising]."
-Jeff Green
-Jeff Green
"Regardless what Google does with cookies, there will be a better option [Unified ID]"
"It's an upgrade across the board."
"It's an industry collaboration"
Jeff Green
"It's an upgrade across the board."
"It's an industry collaboration"
Jeff Green
"The next 5 years will be critical to our history."
"It will go a long way to determine the winners and losers in our industry."
Jeff Green
"It will go a long way to determine the winners and losers in our industry."
Jeff Green
"I have never been more proud of our performance than in this quarter."
Jeff Green
Jeff Green
Q4 Guidance:
"Q4 has traditionally been our biggest Q due to holiday Ad Spend."
Revenue range between $287 million and $291 million.
Adjusted EBITDA of at least $115 million.
"Q4 has traditionally been our biggest Q due to holiday Ad Spend."
Revenue range between $287 million and $291 million.
Adjusted EBITDA of at least $115 million.
Q&A
Michael Levine, Pivotal Trade Group:
"Did weakness in sports lead to CTV growth?"
Jeff Green:
"Difficult to argue that we didn't benefit from that."
"Live sports suffered the most"
"60% of cable consumers said they were doing it because of live sports."
Michael Levine, Pivotal Trade Group:
"Did weakness in sports lead to CTV growth?"
Jeff Green:
"Difficult to argue that we didn't benefit from that."
"Live sports suffered the most"
"60% of cable consumers said they were doing it because of live sports."
Susquehanna:
"Talk about $AAPL IDFA"
Jeff Green:
"10% of our spend uses IDFA."
"Targeting was already very limited."
$FB is 70% mobile. $TTD is 10%.
"Apple is attacking Facebook and Google." aka not $TTD.
"I believe that [users opting in to targeted ads] is inevitable."
"Talk about $AAPL IDFA"
Jeff Green:
"10% of our spend uses IDFA."
"Targeting was already very limited."
$FB is 70% mobile. $TTD is 10%.
"Apple is attacking Facebook and Google." aka not $TTD.
"I believe that [users opting in to targeted ads] is inevitable."
Users opting in to targeted ads will be comparable to users opting in to location on their phone.
"China is leading the world in global growth for us."
"People are back to the office there."
Jeff Green
"People are back to the office there."
Jeff Green
Canonball:
"Talk about the decision to deemphasize $AMZN in favor of direct relationships."
Jeff Green:
"2020 is the year that media does 3 years of change in 1 year."
"Content is king. We're closer to the content."
"Talk about the decision to deemphasize $AMZN in favor of direct relationships."
Jeff Green:
"2020 is the year that media does 3 years of change in 1 year."
"Content is king. We're closer to the content."
Keybank:
RE: Unified ID, whether an air pocket might exist because 3rd party cookies still exist.
Jeff Green:
"18 months left"
"Unified ID is a supplement."
"We think we'll replace it before it goes away."
RE: Unified ID, whether an air pocket might exist because 3rd party cookies still exist.
Jeff Green:
"18 months left"
"Unified ID is a supplement."
"We think we'll replace it before it goes away."
Tim Nolan, McGuire:
"What are your partners doing with Unified ID?"
"How does Unified ID help with measuring CTV?"
Jeff Green:
* In today's world, there's a lot of syncing of cookies for a common understanding of the users.
* Unified ID creates a currency for the internet.
"What are your partners doing with Unified ID?"
"How does Unified ID help with measuring CTV?"
Jeff Green:
* In today's world, there's a lot of syncing of cookies for a common understanding of the users.
* Unified ID creates a currency for the internet.
Jeff Green (cont'd):
"It is about interoperability and measurement."
" $FB & $GOOG have done a good job of taking credit for what it does. The open internet needs to do the same."
"Nielsen is the best place to start."
"It is about interoperability and measurement."
" $FB & $GOOG have done a good job of taking credit for what it does. The open internet needs to do the same."
"Nielsen is the best place to start."
Truist Securities:
"How are the political changes impacting your ecosystem ie Walled Gardens?"
"China seems to be on the other side of Covid. What's the contribution going to look like 2021?"
Jeff Green:
"I don't think regulation will affect us much but will be positive."
"How are the political changes impacting your ecosystem ie Walled Gardens?"
"China seems to be on the other side of Covid. What's the contribution going to look like 2021?"
Jeff Green:
"I don't think regulation will affect us much but will be positive."
Jeff Green (cont'd):
" $FB & $GOOG scrutiny will slow them down."
"Because of that pressure that we'll see some small benefit."
"We were fine with the landscape the way it was."
"10 years ago we decided we were a rebuttal to Goog."
"More likely to win now, vs 10 yrs ago."
" $FB & $GOOG scrutiny will slow them down."
"Because of that pressure that we'll see some small benefit."
"We were fine with the landscape the way it was."
"10 years ago we decided we were a rebuttal to Goog."
"More likely to win now, vs 10 yrs ago."
Wedbush Securities:
"Milestones?" (missed part of the q)
Jeff Green:
"Creating a currency" = "Interoperability"
"Milestones?" (missed part of the q)
Jeff Green:
"Creating a currency" = "Interoperability"
RE: China 2021
Jeff Green:
"China is leading the world right now for us."
"The green chutes are remarkable."
"Our vision is to do for the Chinese speaking world what we've done for the English speaking world."
Jeff Green:
"China is leading the world right now for us."
"The green chutes are remarkable."
"Our vision is to do for the Chinese speaking world what we've done for the English speaking world."
Last question, Stiesel:
"CTV Ads seems great for SMB."
"Are you working with them today?"
"Would you build better products for them?"
Jeff Green:
"Agree with the premise."
"We've done better with the premium brands. It's the core of the market that we operate in."
"CTV Ads seems great for SMB."
"Are you working with them today?"
"Would you build better products for them?"
Jeff Green:
"Agree with the premise."
"We've done better with the premium brands. It's the core of the market that we operate in."
Jeff Green (cont'd):
"It's part of our TAM."
"We do this today through agencies. We don't want to disintermediate them."
"It's part of our TAM."
"We do this today through agencies. We don't want to disintermediate them."
Last Last Q, Oppenheimer:
"EBITDA Margin Trajectory. Is it sustainable?"
Blake:
"Q3 virtual environment has helped our profitability."
ie WFH, COVID
"As we grow scale, we'll gain efficiency."
END.
"EBITDA Margin Trajectory. Is it sustainable?"
Blake:
"Q3 virtual environment has helped our profitability."
ie WFH, COVID
"As we grow scale, we'll gain efficiency."
END.
